Fed officials want the Fed to pause

St. Louis Fed President James Bullard said Wednesday that Fed officials have been surprised by the low inflation readings this year. He and a minority of other Fed officials want the Fed to pause from its gradual rate hikes until inflation moves higher.

Fed officials had been confident that inflation would hit the 2% target this year especially after the core rate of inflation rose at a 2.3% rate in January. But inflation has flattened ever since.